Monday, July 11, 2011

What recovery? Media starting to admit something smells fishy....

Since the definition of a recovery is "things returning to what they were previously" it seems fairly obvious that there has not been a recovery. But now, even mainstream news sources are starting to get it. Below is a quote from the above article:

"The job market is defying history. A dismal June employment report shows that employers are adding nowhere near as many jobs as they normally do this long after a recession has ended. Unemployment has climbed for three straight months and is now at 9.2 percent. There's no precedent, in data going back to 1948, for such a high rate two years into what economists say is a recovery. The economy added just 18,000 jobs in June. That's a fraction of the 90,000 jobs economists had expected and a sliver of the 300,000 jobs needed each month to shrink unemployment significantly. The excruciatingly slow growth is confounding economists, spooking consumers and dismaying job seekers. Friday's report forced analysts to re-examine their assumption that the economy would strengthen in the second half of 2011."

You always have to wonder what the media's agenda is whenever they admit something that goes against their narrative, but I'm not sure what it is in this case. Are things getting so bad that there's just no way to cover it up? Or is this part of the "raise the debt ceiling game"? Regardless, this fits the view I've had for a while that we have not been in any cycle of a "return to normalcy" over the past couple of years and that indeed we may be in the early stages of the Second Great American Depression. Let's pray that is not the case.